CME Group holds first trades of new Australian wheat futures
CHICAGO -- CME Group recently launched trades of the Australian Wheat FOB (Platts) futures contract.
The first trade was brokered in Sydney by SCB Group. A total of 60 futures contracts, equaling 3,000 metric tons, were traded.
"It gives the trade a chance to better manage price risk and it will provide industry participants greater flexibility with which
to run their businesses, whether they are an exporter, Asian consumer or any other business around the world with an interest in Australian wheat," said James McKay, a broker at SCB Group.
The new Australian Wheat FOB (Platts) Futures contract complements CME Group's existing suite of Euro-denominated EU Wheat, Soft Red Winter Wheat (SRW), Hard Red Winter Wheat (HRW) and Black Sea Wheat futures contract.
"This contract further enhances CME Group's already broad range of hedging and trading tools for managing exposure to wheat price risk around the globe, helping us better serve our wheat customers both globally and in Asia Pacific." said Tim Andriesen, managing director, Agricultural Products, CME Group.